Gaja Alternative Asset Management LimitedFinancial ServicesGAJA
Q1 FY27 concall · earnings callGaja Alternative Asset Management Limited
Gaja Alternative Asset Management reported 26% YoY total income growth and 35% YoY PAT growth in Q1 FY27 on rising performance income, while receiving SEBI approval for Fund V and progressing a secondaries strategy.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total income - Q1 FY27 | ₹51.8 Cr | +26% YoY | |
| Total income - LTM ended June '26 | ₹168.4 Cr | +39% YoY | |
| Profit after taxes - Q1 FY27 | ₹27.2 Cr | +35% YoY | |
| Profit after taxes - LTM ended June '26 | ₹89.1 Cr | +38% YoY | |
| Cost-to-income ratio - Q1 FY27 | 38.4% | as compared to 42.3% |
TL;DR
- Total income grew 26% YoY to INR51.8 crores in Q1 FY27 and 39% to INR168.4 crores on LTM basis ended June '26.
- PAT grew 35% to INR27.2 crores in Q1 FY27 and 38% to INR89.1 crores on LTM basis.
- Fee income grew 7% and performance income grew 17% YoY; cost-to-income improved to 38.4% from 42.3%.
- SEBI approval received for flagship Fund V and for Eastgate secondaries strategy; fee-paying committed capital around INR3,200 crores.
- Declared dividend of 15%, INR0.75 per share, with payout ratio increased to 12.5% from about 10%.
Said on the call
“A shareholder is buying the manager, and therefore participates in the economics of every fund the platform raises, including those not yet launched.”
From the Q&A
| Topic | What management said |
|---|---|
| Fund IV deployment | Fund IV was 75% deployed as of 30th June across 7 investments, later 81% deployed; strategy is 10 to 12 investments per fund, same for Fund V. |
| Fee vs performance income mix | Out of INR51.8 crores total income in Q1, roughly INR16 crores was management fee and roughly INR30 crores was performance income; management said performance income becomes more predictable as firm matures and should be judged on LTM basis. |
| Performance income split | Q1 performance income of INR29.7 crores split into INR13 crores carried interest from Fund II and INR17 crores sponsor gains from Fund III and Fund IV; LTM performance income was INR92.2 crores split into INR72 crores and INR20 crores. |
| Fund III carry outlook | Carried interest is booked on realized basis, not accrual; Fund III already contributing sponsor gains but carried interest only after returning fund plus hurdle of 10% for rupee and 8% for dollar investors. |
| AI entry valuations | AI investments Fractal and Sarvam described as mature growth-stage within deep-tech cap of 20% to 25% of fund capital; declined regular discussion of underlying fund investments on AMC call. |
| Carry lumpiness | Q4 FY26 performance income was depressed by market lows and multiple re-rating, Q1 recovery drove sharp quarter-on-quarter rise; management advised judging on year-on-year and LTM basis. |
Guidance
- No future earnings guidance to be issued as policy
- Fund V seeking commitments of INR2,500 crores over a closed-ended term of 10 years
- Eastgate secondaries seeking commitments of INR1,500 crores over a closed-ended term of 5 years
Source
Summary written from the transcript filed by Gaja Alternative Asset Management Limited for the call held on 10 Sept 2026; published 21 Sept 2026, 15:58 IST.
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